Banque Cantonale Vaudoise Takes $3.70 Million Position in Newmont Corporation (NYSE:NEM)

Key Points

• Banque Cantonale Vaudoise has acquired 76,715 shares of Newmont Corporation, valued at approximately $3.7 million, as part of its investment strategy in the 1st quarter.
• Newmont recently reported $1.43 EPS for the quarter, surpassing expectations, alongside a revenue increase of 20.8% compared to the same period last year.
• The company has announced a quarterly dividend of $0.25 per share, which will be paid on September 29th, reflecting an annualized dividend of $1.00 and a yield of 1.56%.

Banque Cantonale Vaudoise bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 76,715 shares of the basic materials company's stock, valued at approximately $3,704,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. SOA Wealth Advisors LLC. lifted its holdings in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Newmont during the 1st quarter valued at approximately $26,000. Private Trust Co. NA boosted its stake in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the last quarter. Nexus Investment Management ULC bought a new position in Newmont during the 1st quarter worth $31,000. Finally, Alpine Bank Wealth Management bought a new position in Newmont during the 1st quarter worth $32,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Down 2.6%

NYSE:NEM traded down $1.68 on Wednesday, reaching $62.31. 10,312,844 shares of the stock traded hands, compared to its average volume of 12,275,530. The company has a market capitalization of $68.44 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.78 and a beta of 0.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $66.57. The company's fifty day simple moving average is $57.54 and its 200 day simple moving average is $50.89.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The firm's quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 EPS. Equities analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is currently 17.95%.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research analyst reports. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. Raymond James Financial increased their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday. Stifel Nicolaus assumed coverage on shares of Newmont in a report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target for the company. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director directly owned 43,103 shares in the company, valued at $2,532,301.25. The trade was a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,231 shares of company stock worth $679,813. Corporate insiders own 0.05% of the company's stock.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.